Ameris Bancorp (NYSE:ABCB) Downgraded by Wall Street Zen to Sell

Key Points

• Wall Street Zen downgraded Ameris Bancorp from “Hold” to “Sell,” while the broader analyst consensus remains “Moderate Buy” with a $91.67 price target.
• Ameris Bancorp reported quarterly EPS of $1.60, missing the $1.66 consensus estimate, while revenue of $317.78 million also fell short of expectations.
• ABCB shares opened at $82.37, below the consensus target, with a market capitalization of approximately $5.53 billion and a price-to-earnings ratio of 14.90.

Ameris Bancorp (NYSE:ABCB - Get Free Report) was downgraded by analysts at Wall Street Zen from a "hold" rating to a "sell" rating in a research report issued to clients and investors on Saturday, Wall Street Zen reports.

ABCB has been the topic of a number of other research reports. Raymond James Financial cut shares of Ameris Bancorp from an "outperform" rating to a "market perform" rating in a research note on Wednesday, July 1st. Morgan Stanley upgraded Ameris Bancorp to an "overweight" rating in a research note on Wednesday, June 24th. Stephens set a $88.00 target price on Ameris Bancorp in a research report on Monday, July 27th. Truist Financial dropped their price objective on shares of Ameris Bancorp from $92.00 to $90.00 and set a "hold" rating on the stock in a report on Tuesday, July 28th. Finally, Weiss Ratings began coverage on shares of Ameris Bancorp in a report on Wednesday, September 2nd. They issued a "buy (b)" rating for the company. Four research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $91.67.

Ameris Bancorp Price Performance

ABCB stock opened at $82.37 on Friday. The stock has a market cap of $5.53 billion, a PE ratio of 14.90 and a beta of 0.91. Ameris Bancorp has a one year low of $68.80 and a one year high of $93.22. The firm has a 50 day simple moving average of $86.33 and a two-hundred day simple moving average of $84.86. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.04 and a quick ratio of 1.02.

Ameris Bancorp (NYSE:ABCB - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The bank reported $1.60 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.66 by ($0.06). The company had revenue of $317.78 million for the quarter, compared to the consensus estimate of $323.78 million. Ameris Bancorp had a return on equity of 10.62% and a net margin of 21.98%.During the same quarter in the previous year, the business earned $1.59 earnings per share. On average, analysts predict that Ameris Bancorp will post 6.61 EPS for the current fiscal year.

Hedge Funds Weigh In On Ameris Bancorp

Hedge funds have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Ameris Bancorp during the second quarter worth $34,000. Public Employees Retirement System of Ohio purchased a new position in Ameris Bancorp in the 2nd quarter worth about $66,000. Allworth Financial LP purchased a new position in Ameris Bancorp in the 2nd quarter worth about $67,000. Integrated Wealth Concepts LLC bought a new stake in Ameris Bancorp during the 2nd quarter valued at about $91,000. Finally, Caitong International Asset Management Co. Ltd boosted its position in Ameris Bancorp by 316.9% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,059 shares of the bank's stock valued at $79,000 after buying an additional 805 shares during the period. Institutional investors own 91.60% of the company's stock.

Ameris Bancorp Company Profile

Ameris Bancorp is the bank holding company for Ameris Bank, a full-service community bank headquartered in Atlanta, Georgia. Through its banking subsidiary, the company provides financial products and services to individuals, families, businesses and institutions.

Ameris Bank offers deposit accounts, commercial and consumer loans, residential mortgages, home equity financing, treasury management and payment services. The bank also provides wealth management, investment and insurance-related services, along with digital and mobile banking capabilities.

Founded in 1971, Ameris Bank serves communities primarily across the southeastern United States, including Georgia, Alabama, Florida, South Carolina and North Carolina.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.